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Crypto Had a Rough Weekend...Are Investors Fleeing?
May 17, 2021
Crypto Had a Rough Weekend...Are Investors Fleeing?
The total cryptocurrency market cap reached a new all-time high last Wednesday (>$2.5T), but more tweets from Elon Musk and widespread selling across many of the top coins prompted a rapid decline over the weekend.
LikeFolio data confirms that at least some of the retail investors have been cashing out -- Mentions of selling cryptocurrency are at an all-time high level, +90% QoQ on a 30-day moving average.
Although this trend may seem damning at a glance, it’s important to note that Mentions of investing in crypto are still outpacing selling Mentions, up +100% QoQ.
Bitcoin (BTC-USD) has corrected by more than -25% in the past month, but it looks like there’s still plenty of people buying the dip.